New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-05


cotton, tea, coffee, pork, gram, and other produce
which contracts are popularity known as the trans
actions of "buckct shops" so-called, wherein such
property 80 assumed to DO sold purchased Is not
Understood in fact to be sold purchased or intend
ed to be transferred delivered, but the transac-
tons are In effect, though not in form, beta or wa
gers upon the future market prices OF such prop
erty. These transactions immense, and are IN
crcasing in amount throughout the State and being
difficult to prevent TO control by law, they could
lie restricted to some extent by being subjected To
SPECIAL percentage tax. graded IN proportion 70 I'd
amount of the operations, and could be made TO
yield handsome annual revenue to the state such
species OF taxation would work no Injustice 10 any
legitimate business, and those who engage in s!ch
purely speculative and nOn-productivc methods OF OBJ
tanning livelihood can easily afford TO hberahy
contribute towards tho expenses OF the government
Of the state which protects tolerates their peculiar
vocation. 1t need hardly bo stated that the le1u-
mate business transactions Of any regular brohcr'
banker or commission merchant are not intended 10
DO included III this suggestion for taxation, nor Is
1t dcsIrcd that they should DC affected by the pro
posed legislation.
1t il submitted that it should be the effort OF the
Lces allure % devise means to lessen the present bur
den of taxation upon real estate, and among othcr
ways by providing for the taxation OF that species
of property which now almost entirely escapes as
s,-smcnt, ~ wit: The Indebtedness of corporations
JOINT stock companies and associations, represented
in the scrip, bonds certificates Of Indebtedness Is
sued by such bodies. AMI the imposition of SPECIAL
tM thereon to be Gxcl by law and to be collected
from such organizations by the Comptroller Of the
state. This plan is believed ~ he simple but ef-
feCuvc method OF reaching class Of property mere
tofore wholly untaxed rs against the bodies Issuing
the evidences Of Indebtedness mentioned, and Pre-
tcally not taxed ut al against any ono, under the
present detective method Of taxation, whereby per
sOnal property so largely escapes all taxation IL IL,
Of course, un'cr-toOd that the details OF the Dnl
should provide against the possibility Of any double
taXat which can easily be done.
The people will welcome any relief to taxation upon
real estate and approve fair proposition the ten
dcncy OF which l. 10 equal the burdens of taxation
.pt 4. ri IN hpl
proportion Of the expenses Of government.
he assessed valuation OF the per-rnal properly
OF the State N 1879 over four hundred and seven
millions of dollars, and In 1885 IL was only three nun
dIe1 ana thirty two mill Ons showing decrease IN
ten years OF sevcntyfvo millions. In ono year alone
from 1884 TO leo5-therc was a decrease of over
tarccn millions 1t Is evident that this decrease has
been urOn the assessment rolls alone, ana that te
Value amount OF PERSONAL property in this State has
not ia t. decreased and demonstrates that our tax
Jaws other grossly defective, loosely or fraud
ulcnny executed, or shamefuly cvaded
a glance at the situation in other states and the
comparisons afforded thereby furnish ample evidence
upon this subject
In 1880 the assessed valuation OF personal
property in Massachusetts over four
hundred and seventy three millions, being
over ono hundred and fifty one millions
than the valuation of personal property In this
state in that year In the same year the personal
property In Ohio ASSESSED at over four hundred
and forty millions Of dollars, being one hundred AMI
eighteen mil Ons or thcreabouts In excess VI INC rs
sessncnt Of tie personal property In state In that
year. In Ohio the PERSONAL Ial about forty Two per
cent OF the site tax In Massachusetts, II paid about
forty two and sixty hundrcdths per cent; IN
Indiana, with per onal valuation Of one hundred ahh
eighty nine millions uorcabOuts II PAID about
thirty five per cent, Illinois, with personal Nau
Il ON OF about two hunlrcl and eleven millions, IL
pad about tbirty PEI cent; while IN the great
State Of New York, embracing the city OF New Oh
wherein Is believed 20 be concentrated and possessed
larre hare Of the wealth Of the country the PERSONAL
property In tie year !arO pnh but about fourteen
per cent Of the state tax and In the year 1854 only
al out eleven AM forty one hundTcdthS per cent
Of such The remedy for tbo-c glarng inequalities
WIS distinctly POINTED out the message Of last year
TIE CoNsIuUuOSAL CONVENTION
The people at the recent election having voted In
favor OF the holding Of "A constitutional convention, 1t
becomes the duty Of the legislature at this session.
IN Obedience 10 the mandate OF the Constitution art
XIlI SEC - 10 provide by Law for the election Of
delegates 10 sn,h ccnVert1n." The number Of dele
gates Of which such convention shall To conTcscd.
their qualifications and compcn-ation. tho manner Of
thcir election AMI the ternt,y district. which they
sha represent the time of their assembling and other
important matters Of detail arc not laid down or pro
crbod In the Constitution Itself. but left 20 the
DISCRETION OF the law making lower. 90 he manifested
md declared IN n statute now 20 BE- enacted. II j.
essential dotna 10 hastily nightly do
term hesi hut only after most careful and deliberate
consideration IA tho uIt mate Of tho work OF
the convention may much depend nj on the manner OF
the disposition Of these PRELIMINARY questions.
The convention Of 1871 was composed Of ono dele
gate elected from each Assembly district In the state.
The convention Of lao was chosen IN the same man
and consisted of one hundred AMI twenty eight
members. corresponding TO the numier OF Assembly
districts The convention of 1857 consisted OF
100 members, Of which 1879 wcro elected
from senatorial dis ri e. -four from each district and
thirty two were elected by the state at large no clco
tor being permitted 10 vote for than sixteen dele
g9ts the effect being that the delegates at large wcro
thereby equally divided letWe-n the two principal 20
huca PARTIES Of the state.
While II j. desirable that the convention be a suf
fccntly numerous holy 10 enable all parties AMI
classes ~ well all the varied AMI al interests
the STATE 10 he rerrc-cnted or have fair oppor-
tunity for representation II may lie questioned whcih
somewhat smaller holy than the last convention
may not he preferable AMI tend TO Insure exp
ditiOus efficient and satisfnG tory work. convention
OF limited size II chosen uron such basis ~ TO be-
thoroughly rcpcs'n alive it, character can n we'll
ext r.ss the sentiments Of the people larger one
and In every respect moro desirable. a smaller
tO1y tends ~ prevent tciiOn, AMI unreasonable de
latc-can be economically conducted and can
morc readily accomplish practical result, whc nj The
-amc time II IL enabled ~ act with greater dclbcra
The last convent on ly reason Of IT. humorous mem
hrryhip mamie tiy cumhcr-ome ana unwlelhy
ody inclined TO lntcrmnabc discussion and disposed
20 devote much tine 10 the consideration Of lnnova-
ons Of every conceivable character. IFS sessions con
tnuol for almost nine months and cost the taxpayer"
OF the STATE the sum OF S3s5,53i and Its work was
Cnally manly rcjcctcl by tho people.
The Constitutional Commission OF 1872, composed
Of thirty two members. sat but fourteen weeks, cost
only the sum OF 9@i.0lG. and Its work was subsch
tally all approved by the people.
Il is believed that far isposshle the various In
tere-ts In the state should be represented In the con
,cntion which should incule not only the adher-
cnts OF the two principal political parties. but the
prominent representatives, Of the prohibition. license
woman suffrage. labor reform AMI anti monopoly sen
timcnt as well those identified with any other
ec al Int rest OF importance desiring changes In the
organic law of the State, thereby rendering II em
phatcaly the peoples convention ~ contemplated Gy
he Constitution For this purpose II IL deemed al
visallc that many delegates be elected from the
state at large may be practicable, and experience
Gems 10 show that this method will also be likely
~ secure better class Of delegates than the district
ystem.
II IL suggested that the convention should consist
OF one hundred and ten delegates Of which sixty eight
shouh be elected by districts, two from each con
grcssional district, and forty two should be electen
from the Sto large. electOr being permttfd W